01.29.2010 10:00 AM
Harris Broadcast F2Q10 Revenues Dip 28 Percent
MELBOURNE, FLA.: Harris broadcast revenues dipped 28 percent in the company’s fiscal second quarter, from $163 million a year ago to $117 million for the three months ending Jan. 1, 2010. The division posted an operating loss of $5 million compared to operating income of $12 million a year earlier.

Orders showed evidence of improvement. Broadcast orders during F2Q10 were $139 million, up from $124 million the previous quarter.

“The rebound in orders in the second quarter was an encouraging sign that the market has begun to improve,” the company said.

Harris broadcast system deployments during the quarter included several for its Full-Motion Video Asset Management Engine, or FAME. The platform is geared toward cataloguing and searching real-time and stored video from manned aircraft, UAVs, and ground-based sensors. FAME represents Harris’s intent to leverage its lucrative government-contracting business for the broadcast division.

Two new projects involving sports arenas were secured during the second quarter, including one for the NBA’s Orlando Magic Amway Arena, schedule to open in October. Harris also will contribute technology for the February Winter Olympics in Vancouver, British Columbia.

Consolidated revenues for Harris Corp., which includes the broadcast, RF and government divisions, were $1.22 billion, down from $1.33 billion a year earlier. It reported GAAP income from continuing operations for the quarter of $140 million, or $1.06 per diluted share, compared with $141 million, or $1.06 per diluted share, a year ago. Orders in the second quarter were $1.4 billion, compared with $1 billion a year ago.

Chairman Howard L. Lance said strong orders in the first and second quarter are expected to drive double-digit growth in the next two quarters. “As a result, we have increased our fiscal 2010 guidance for revenue and earnings,” he said.

Harris now expects GAAP income for F2010 to be $4.13 to $4.23 per diluted share, versus the previous forecast of $37.4 to $3.84. Revenue for the full fiscal year is now expected to be between $5.2 billion and $5.3 billion. -- Deborah D. McAdams

More on Harris:

October 28, 2009: Harris Broadcast Fiscal 1Q Revenues Down 25 Percent
The Harris Broadcast division generated $119 million in revenues for the company’s first fiscal 2010 quarter, ending Oct. 2, 2009. The total was down from $158 million during the same period a year ago, and $130 million in 4Q09.

August 13, 2009: “Harris Beats the Street
Harris finished its fourth fiscal quarter with a loss of $156.4 million, but the stock price jumped on adjusted earnings.

June 1, 2009: Harris Plans for Broadcast Segment Impairment
As of the fiscal third quarter ended April 3, 2009, the book value of the goodwill and other intangible assets in the Broadcast Communications segment was $928 million. Harris expects to record a $250 million to $275 million non-cash charge in fiscal 4Q09.

May 5, 2009: Harris Broadcast Revenue Drops in Q3
“The impact of lower revenue on operating performance in the third quarter was mitigated by on-going cost-reduction actions.”

February 5, 2009: Harris Broadcast Revenue is Flat in 2Q
Order momentum “slowed significantly in the U.S. market during the first half of fiscal 2009 and is expected to remain weak during the next several quarters.”

August 13, 2009: “Harris Beats the Street
Harris finished its fourth fiscal quarter with a loss of $156.4 million, but the stock price jumped on adjusted earnings.

June 1, 2009: Harris Plans for Broadcast Segment Impairment
As of the fiscal third quarter ended April 3, 2009, the book value of the goodwill and other intangible assets in the Broadcast Communications segment was $928 million. Harris expects to record a $250 million to $275 million non-cash charge in fiscal 4Q09.

May 5, 2009: Harris Broadcast Revenue Drops in Q3
“The impact of lower revenue on operating performance in the third quarter was mitigated by on-going cost-reduction actions.”

February 5, 2009: Harris Broadcast Revenue is Flat in 2Q
Order momentum “slowed significantly in the U.S. market during the first half of fiscal 2009 and is expected to remain weak during the next several quarters.”


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